On August 15, 2022 NexImmune, Inc. (Nasdaq: NEXI), a clinical-stage biotechnology company developing a novel approach to immunotherapy designed to orchestrate a targeted immune response by directing the function of antigen-specific T cells for liquid and solid malignancies, reported financial results for the second quarter of 2022 (Press release, NexImmune, AUG 15, 2022, View Source [SID1234618357]).
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"We are encouraged by the increase in enrollment in our NEXI-001 trial and look forward to providing a clinical update in fourth quarter," said Kristi Jones, Chief Executive Officer. "The FDA has recently cleared the NEXI-003 IND, enabling us to advance our first solid tumor program in HPV-related malignancies and we plan to initiate the study before year end. Due to resource prioritization, and the evolving treatment landscape in relapsed refractory multiple myeloma, we plan to pause enrollment of NEXI-002 and provide an update on patients currently being treated. In parallel, we continue to make progress on our IND-enabling work for the AIM injectable modality, an ‘off-the-shelf’ multi-antigen specific approach to treating malignancies and autoimmune diseases, which we believe has the potential to be disruptive. We will provide an update on these early programs through the end of year. We continue to focus on generating data and demonstrating the potential of our ‘IND engine’ to enable a rapid path to clinical development and look forward to providing updates on our progress and upcoming catalysts."
Second Quarter 2022 Clinical and Business Highlights
Clinical and Preclinical Updates
NEXI-001
Currently enrolling patients in cohort 3, dose level 4, the final safety cohort, prior to expansion
Updated clinical results, including patients at the highest dose level, are expected to be announced in the 4Q22
Robust immune responses with signs of clinical activity and potential dose response have been observed
Due to the favorable emerging clinical profile, the protocol has been amended to include patients with haplo-identical donors
NEXI-001 continues to be well tolerated across all dose levels administered to date, with no Grade ≥3 treatment-related adverse events, including infusion reactions, GVHD, CRS or neurotoxicity (ICANS), reported
NEXI-003
Received IND clearance by the FDA for the treatment of HPV-related cancers
Finalized antigen selection for NEXI-003 and manufactured nanoparticles for clinical trials
Trial expected to be initiated by YE22
NEXI-002
Due to recent product approvals and the competitive environment in the relapsed refractory multiple myeloma space, the Company will pause enrollment to prioritize resources
Company will consider shifting enrollment to earlier disease at a future date
In this heavily pre-treated population, evidence of immune response and signs of clinical activity have been observed. NEXI-002 continues to be well tolerated with no Grade ≥3 treatment-related adverse events, including infusion reactions, GVHD, CRS or neurotoxicity (ICANS), reported
Manufacturing achieved higher final cell count yield in recent products by adjusting prior treatment washout period, updating cell collection guidance and other process adjustments
Further clinical data from existing patients are expected later this year
Injectable "Off-the-shelf" Antigen-Specific Immunotherapy and Other Preclinical Research
Advanced in vivo and preclinical work to support the development of injectable nanoparticles, as a therapeutic, in oncology and autoimmune diseases
Advanced work with Yale University Professor Kevan Herold to evaluate NEXI’s injectable nanoparticles for the treatment of type 1 diabetes. A JDRF-funded grant award supports the collaboration
Select Second Quarter 2022 Financial Highlights
Cash, cash equivalents and marketable securities for the Company as of June 30, 2022 were $53.1 million compared to $65.0 million for the quarter ending March 31, 2022. Based on current operating plans, NexImmune expects that its existing cash, cash equivalents and marketable securities will enable the Company to fund its operating and capital expenditure requirements into the second quarter of 2023.
Research and development expenses were $11.8 million in the second quarter of 2022, compared to $8.1 million for the same period in the prior year. The increase in research and development expenses was mainly attributable to costs for the two ongoing clinical trials, as well as personnel-related expenses driven by increased headcount.
General and administrative expenses were $4.1 million, compared to $4.0 million for the same period in the prior year. The slight increase was primarily due to increased fees related to professional and consulting services offset by reductions in personnel-related expenses.
Net loss, according to generally accepted accounting principles in the U.S. (GAAP), was $15.9 million for the quarter, or a basic and diluted GAAP loss per share of $0.69. This compares to a net loss of $12.2 million, or a basic and diluted GAAP loss per share of $0.54, for the same period in the prior year.